The wheat markets turned mixed. Poor harvest results from Kansas and talk of improved export demand boosted wheat futures in early Thursday action, but bulls couldn’t sustain the upward momentum. The omnipresence of the bearish global situation probably stifled the move, as did the bullish failure at moving average resistance on the CBOT charts. July CBOT wheat futures inched up 0.75 cent to $5.8775/bushel late Thursday morning, while July KCBT wheat gained 1.5 cents to $7.2925 but July MWE futures sagged 0.5 to $6.9775.

CME cattle are apparently reacting to improved cash prospects. Live cattle futures fell early this week as traders seemed to anticipate a return of seasonal weakness. However, soaring beef prices have reportedly caused packers to boost their bids for feedlot cattle, which sent futures soaring once again. August cattle spiked 2.82 cents to 147.85 cents/pound in late Thursday morning action, while December leapt 1.92 to 151.15. Meanwhile, August and October feeder cattle futures soared the daily 3.0-cent limit to 207.85 and 208.70 cents/pound, respectively.

Cash and wholesale developments may be limiting hog gains. Hog futures apparently found technical support Wednesday, then bounced on good late-afternoon cash and pork news. However, today’s midday reports were flat to lower, thereby seeming to limit the size of the CME surge. August hog futures soared 2.40 cents to 129.67 around lunchtime Thursday, while December zoomed up 2.45 cents to 96.70.